Oil Tanker Rates Hit Record Highs as Middle East Shipping Risks Soar

Oil tanker rates have jumped to record highs as escalating risks to shipping in and out of the Middle East are prompting traders and tanker operators to undertake inefficient and more expensive trade routes.

While the crude oil supply is actually there, shipping it through the Strait of Hormuz remains a very risky endeavor, especially in light of the escalating U. S.